Tag Archives: contract

Stay Bonus Agreements: What They Are and How to Use Them

A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to encourage the employee to stay with the company.

Understanding the definition and purpose of this type of bonus agreement is critical for both business owners and employees.

What is a Stay Bonus?

A stay...
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 LLC Operating Agreement: Is a Non-Compete Clause Necessary?

You and several friends start a new business and decide to operate it as a limited liability company (LLC).

Now that you’ve completed the first step—choosing a business entity—it is now important to prepare an operating agreement. The operating agreement is a contract which governs the operations of the LLC and sets forth the arrangements made...
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What Franchise and Multilevel Marketing Business Owners Need to Know About Estate Planning

Franchise and multilevel marketing (MLM) businesses are often attractive because they offer people the chance to start a small business with a well-known brand and an established business model.

However, they present different estate planning challenges than other types of small businesses because the rights and obligations of franchisees and multilevel marketers are spelled out in...
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5 Key Benefits of a Well-Written Job Description

Although the main purpose of a job description is obviously to describe a job, it also serves a much larger purpose. A well-written job description can improve a company’s ability to manage employees in many ways.

A well-written job description will do the following:

  1. Clarify expectations. Employers need to spell out their expectations of what an...
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